Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 8% – Time to Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price dropped 8% during trading on Tuesday . The stock traded as low as $15.63 and last traded at $14.94. Approximately 237,112 shares changed hands during trading, a decline of 82% from the average daily volume of 1,340,679 shares. The stock had previously closed at $16.23.

Wall Street Analyst Weigh In

CLMT has been the subject of several recent analyst reports. HC Wainwright upped their target price on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the company a “buy” rating in a report on Monday, January 13th. TD Cowen reduced their price objective on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Wells Fargo & Company lifted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.75.

Calumet Specialty Products Partners Stock Down 7.5 %

The stock has a 50-day simple moving average of $20.75 and a 200-day simple moving average of $18.82. The firm has a market capitalization of $1.29 billion, a PE ratio of -5.44 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 EPS. Equities analysts forecast that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total value of $810,982.62. Following the completion of the transaction, the director now owns 1,184,589 shares in the company, valued at $25,373,896.38. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.91% of the stock is owned by insiders.

Institutional Investors Weigh In On Calumet Specialty Products Partners

A hedge fund recently raised its stake in Calumet Specialty Products Partners stock. Founders Financial Alliance LLC boosted its position in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 8.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,400 shares of the oil and gas company’s stock after purchasing an additional 3,750 shares during the quarter. Founders Financial Alliance LLC owned about 0.06% of Calumet Specialty Products Partners worth $777,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 34.41% of the stock is currently owned by institutional investors and hedge funds.

About Calumet Specialty Products Partners

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.